Prime Boise Development
For Sale
$2,900,000
132 & 140 West Main Street, Boise, ID 83702
Two parcels in Boise's vibrant core with development potential.
Property Size10,500 SF
Price / SF$276.19
Days on Market150
Property Features for 132 & 140 West Main Street
General Information
Standard status
Active
Size
10,500 SF
Property subtype
SpecialPurpose
Listing Agency:
CBRE - Boise
(208) 850-5001
Listed By:
Tim Reid · License #SP22042
(208) 850-5001
Source:
Cbre
Added: Mar 25
Changed: Jul 6
Last Checked: Aug 20 at 2:26PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - Boise
Investment Insights
Based on property information with market context.
Located in downtown Boise, the properties at 132 W. Main St. and 140 W. Main St. offer development potential. The Eoff-Brady-Hon House, a historic building, includes 10 rental units and over 10,500 sqft of living space. The adjacent vacant land at 132 W. Main St. is zoned MX-3 - Mixed Use by the City of Boise. The location is near new developments, St. Luke’s main campus, and various businesses and amenities. It is located two blocks from St. Luke's main campus, under a mile to Boise's central business district and BSU, and 1.5 miles to I-184. The location is five blocks from Boise’s Central Business District.
Key Highlights
- Rare development opportunity with MX‑3 zoning in downtown Boise.
- Prime location near St. Luke's main campus, Boise's central business district, and numerous amenities.
- Historic Eoff‑Brady‑Hon House with 10 rental units and over 10,500 sqft of living space.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$130,410
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.50%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,608,200
$2.6M
Cap Rate 7%
$1,863,000
$1.9M
Cap Rate 9%
$1,449,000
$1.4M
Market Conditions
NOI Build-Up for 10,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$226.8K $21.60/SF
− Vacancy
−$18.1K −$1.73/SF
EGI
$208.7K $19.87/SF
− OpEx
−$78.2K −$7.45/SF
NOI
$130.4K $12.42/SF
Area
Ada County, ID
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,608,200
Cap Rate 7%
$1,863,000
Cap Rate 9%
$1,449,000
Alternative Uses
Best Use
Mixed Use
$1.86M
$1.63M – $2.17M
NOI $130,410 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.90M
$2.54M – $3.38M
NOI $202,986 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,933
Businesses Nearby
Explore this area
Business Placement
Demographics for 83702, ID
23,951
Population
12,771
Households
1.9
Avg Household Size
40
Median Age
61%
College-Educated
97%
High-School Grad
31.4 sq mi
ZIP Area
763
Density / Sq Mi
$82,586
Median Household Income
$48,200
Median Earnings
$1,175
Median Rent
$708,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two parcels in Boise's vibrant core with development potential.
Where is this mixed-use property located?
The property is located at 132 & 140 West Main Street Boise, ID.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Rare development opportunity with MX‑3 zoning in downtown Boise.; Prime location near St. Luke's main campus, Boise's central business district, and numerous amenities.; Historic Eoff‑Brady‑Hon House with 10 rental units and over 10,500 sqft of living space.
